Credit Unions Chartered In The State Of Michigan
- Assets
- $371.2m
- Revenue
- $18.7m
- Investments
- $10.9m
- Employees
- 85
- Location
- Auburn Hills, MI
- Founding
- 10/1956
- Data as of
- 12/2021
- EIN
- 38-1418001
Organization Overview
Credit Unions Chartered In The State Of Michigan is located in Auburn Hills, MI. The organization was established in 1956. As of 12/2021, Credit Unions Chartered In The State Of Michigan employed 85 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions Chartered In The State Of Michigan is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.
For the year ending 12/2021, Credit Unions Chartered In The State Of Michigan generated $18.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $14.5m during the year ending 12/2021. While expenses have increased by 3.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE COMMITTED TO BEING A LEADING COMMUNITY-FOCUSED CREDIT UNION THAT IS THE CORNERSTONE TO HELPING MEMBERS ACHIEVE THEIR FINANCIAL GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED OVER $294 MILLION IN LOANS TO OUR MEMBERS.
INCREASED MEMBER DEPOSITS BY $38 MILLION.
OPENED OVER 439 NEW ACCOUNTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heidi Kassab President/ceo | Officer | 40 | $406,648 |
Christopher Mangeno VP Of Lending And Collections | 40 | $173,245 | |
Beth Wielgat CFO | Officer | 40 | $152,031 |
David Shosey VP Of It | 40 | $146,028 | |
Jennifer Dickey VP Of Culture And Talent | 40 | $144,529 | |
Jennifer Bleau VP Of Marketing | 40 | $139,872 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jack Henry And Associates Inc Core Processing System | 12/30/21 | $490,306 |
Visa Credit/debit Card Processing | 12/30/21 | $361,497 |
Ronnisch Construction Group Builder - Ah Executive Remodel | 12/30/21 | $225,961 |
Marquis Software Solutions Inc Customer Management | 12/30/21 | $218,888 |
Allied Solutions Bond And Cyber Policy | 12/30/21 | $187,903 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $18,547,374 |
| Investment income | $179,681 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,739,193 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $607,440 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,868,624 |
| Pension plan accruals and contributions | $591,102 |
| Other employee benefits | $501,799 |
| Payroll taxes | $406,688 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $40,156 |
| Fees for services: Accounting | $160,272 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $90,844 |
| Advertising and promotion | $811,099 |
| Office expenses | $390,199 |
| Information technology | $856,970 |
| Royalties | $0 |
| Occupancy | $580,592 |
| Travel | $68,808 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,561 |
| Interest | $1,432,839 |
| Payments to affiliates | $40,689 |
| Depreciation, depletion, and amortization | $672,503 |
| Insurance | $154,095 |
| All other expenses | $190,084 |
| Total functional expenses | $14,499,595 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,832,669 |
| Savings and temporary cash investments | $41,839,747 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,229,580 |
| Loans from Officers, Directors, or Controlling Persons | $5,269,782 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $292,459,578 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $729,475 |
| Net Land, buildings, and equipment | $10,791,820 |
| Investments—publicly traded securities | $207,886 |
| Investments—other securities | $10,877,173 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,932,459 |
| Total assets | $371,170,169 |
| Accounts payable and accrued expenses | $2,087,948 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $16,000,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $308,822,957 |
| Total liabilities | $326,910,905 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $44,259,264 |
| Total liabilities and net assets/fund balances | $371,170,169 |
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